Bitcoin (BTC) Price Surged Nearly 5% in the Past 24 Hours: Top Reasons

The cryptocurrency market, led by Bitcoin (BTC), surged nearly 5 percent in the past 24 hours to hover around $2.4 trillion on Monday during the early Asian session.

Cryptocurrency market caps surged nearly 5 percent in the past 24 hours to hover around $2.4 trillion on Monday during the early Asian session.

Bitcoin price closed in a bullish outlook last week after being trapped in bearish sentiment in the prior four weeks. The flagship coin had added around 5 percent in the past 24 hours to trade at about $62,600 at the time of this report.

Meanwhile, Ethereum (ETH) led the altcoin industry in a bullish trend.

Top Reasons Bitcoin Price Surged

Increased Whale Demand

Bitcoin price received a much-needed bullish boost from whale traders in the past week. As the German government concluded its Bitcoin sales over the weekend, on-chain data shows that whale traders were busy accumulating more coins.

Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease pic.twitter.com/fBeEGUP6P8

Specifically, on-chain data showed that Bitcoin whales added 71k coins last week despite short-term traders capitulating. Additionally, US-based spot Bitcoin ETFs registered more than $1 billion in cash inflows last week, led by BlackRock’s IBIT and Fidelity’s FBTC.

Waning Crypto Capitulation Fear

Bitcoin Fear and Greed Index is 52 — NeutralCurrent price: $60,788 pic.twitter.com/KT0S6UUYot

As Bitcoin price surged above $62k earlier today, the fear and greed index also rebounded above 50 percent, indicating neutral sentiment, compared to around 25 percent, indicating extreme fear, last week.

With the crypto market already in a macro bullish trend, the recent capitulation was viewed as an opportunity to buy more crypto assets in preparation for the parabolic rally ahead.

General Bullish Outlook

Bitcoin’s price has led the crypto industry to regain its correlation with the stock market, which has been bullish recently. Last week, economic data from the United States signaled a possible interest rate cut later this year if inflation continues to ease.

Meanwhile, the upcoming final approval of spot Ether ETFs in the United States will be a major win for the bullish sentiment.

Technical Analysis

So this is the new trend line we are supposed to watch #BTC https://t.co/HBVj0X1EnJ pic.twitter.com/obQJ2vfwRu

After Bitcoin’s price rebounded above a crucial support/resistance level around $61k, it is evident that the flagship coin is a digital gold awaiting further upsurge.

From a technical standpoint, Bitcoin price is aiming for $70k if it consistently closes above the daily descending broadening wedge in the coming weeks. Otherwise, a possible capitulation could still send Bitcoin price towards $52k for a consolidation before the onset of the euphoric rally.

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